Board structure, R&D intensity and firm value relationship: Evidence from the Anglo-Saxon technology sector

Drawing on resource dependence theory, we examined the role of board structure in shaping firms’ research and development (R&D) intensity and market value within the technology sector in Anglo-Saxon countries. From 2655 firm observations across Australia, Canada, New Zealand, the UK, and the US for the 2002–2021 period, we found that R&D intensity increased firm market value. Additionally, larger and more gender-diverse boards can create synergy in generating value from R&D investments. Counterintuitively, despite its growing importance after the Sarbanes–Oxley Act of 2002, board independence failed to yield a synergy between R&D intensity and firm value. Given the research context, we can infer that excessive board independence may limit managers’ ability to think freely and take risks, which are essential for innovation.